上市公司控股股东公开市场增持公告的市场反应和影响因素分析
发布时间：2021-01-04 15:43
一、研究背景和研究内容2008年8月27日,证监会对《上市公司收购管理办法》进行了修订,允许上市公司控股30%及以上的大股东“每12个月内增加其在该公司中拥有权益的股份不超过该公司已发行股份的2%规定提出豁免申请的,由事前申请调整为事后申请。”随后,沪深交易所在《上市公司股东及其一致行动人增持股份行为指引》出台不足一个月的情况下,于9月24日再次对《指引》作出修改,将禁止控股股东增持股份的“窗口期”,由“上市公司定期报告公告前30日内”进一步缩短到10天。这两项政策的出台进一步表明了对大股东增持的鼓励,上市公司的股份增持事件也频频出现,表现了对该政策的积极反应。与股份增持公告的披露类似的机制是股份回购公告的披露,然而,中国证券市场政策规定,股份在回购后必须注销减资,一方面由于公司不得将回购的股份库存留作之后再次流通,因此如果可得利益并不明显的话并不会愿意主动进行回购；另一方面,由于公司回购股份后并无再流通压力,市场投资者对于回购公告传递的低估信号的可靠性也会表示怀疑。而在股份增持活动中,如果增持的主体为公司的控股股东的话,其信号的可靠程度便要超过普通的大股东股份增持公告。本文以最常见的...
【文章来源】：复旦大学上海市 211工程院校 985工程院校 教育部直属院校
【文章页数】：63 页
【学位级别】：硕士
【文章目录】：
摘要
Abstract
Ⅰ. Introduction
1.1. Research Background and Significance
1.2. Research Contents and Organization
1.3. Creativities and Shortcomings
Ⅱ. Previous Studies and Literature Review
2.1. Stock Repurchase and Stock Increase
2.1.1. Stock repurchase in China's stock market
2.1.2. Comparison between stock increase and stock repurchase
2.2. Studies of Stock Repurchase in Western Stock Market
2.2.1. Market Reaction Studies of Stock Repurchase
2.2.2. Studies of Factors that Influence Market Reaction
2.3. Studies of Market Reaction of Stock Repurchase/Increase Announcement in China's Stock Market
2.3.1. Market Reaction Studies of Stock Repurchase in China's Stock Market
2.3.2. Market Reaction Studies of Stock Increase in China's Stock Market
Ⅲ. Research Design
3.1. Research Hypothesis
3.2. Sample and Descriptions
3.3. Methodology
3.3.1. Estimate of Announcement Market Reaction
3.3.2. Analysis of Influential Factors of Announcement Market Reaction
Ⅳ. Empirical Results
4.1. Empirical Results of Announcement Market Reactions
4.1.1. Short-term Market Reaction Results
4.1.2. Long-term Market Reaction Results
4.2. Empirical Results of Influential Factors Analysis
4.2.1. Single Factor Analysis Results
4.2.2. Multi-Factor Analysis Results
Ⅴ. Analysis of Empirical Results
4.1. Analysis of Announcement Effect Results
4.2. Analysis of Influential Factors Analysis Results
Ⅵ. Conclusion
Reference
后记
本文编号：2957012
【文章来源】：复旦大学上海市 211工程院校 985工程院校 教育部直属院校
【文章页数】：63 页
【学位级别】：硕士
【文章目录】：
摘要
Abstract
Ⅰ. Introduction
1.1. Research Background and Significance
1.2. Research Contents and Organization
1.3. Creativities and Shortcomings
Ⅱ. Previous Studies and Literature Review
2.1. Stock Repurchase and Stock Increase
2.1.1. Stock repurchase in China's stock market
2.1.2. Comparison between stock increase and stock repurchase
2.2. Studies of Stock Repurchase in Western Stock Market
2.2.1. Market Reaction Studies of Stock Repurchase
2.2.2. Studies of Factors that Influence Market Reaction
2.3. Studies of Market Reaction of Stock Repurchase/Increase Announcement in China's Stock Market
2.3.1. Market Reaction Studies of Stock Repurchase in China's Stock Market
2.3.2. Market Reaction Studies of Stock Increase in China's Stock Market
Ⅲ. Research Design
3.1. Research Hypothesis
3.2. Sample and Descriptions
3.3. Methodology
3.3.1. Estimate of Announcement Market Reaction
3.3.2. Analysis of Influential Factors of Announcement Market Reaction
Ⅳ. Empirical Results
4.1. Empirical Results of Announcement Market Reactions
4.1.1. Short-term Market Reaction Results
4.1.2. Long-term Market Reaction Results
4.2. Empirical Results of Influential Factors Analysis
4.2.1. Single Factor Analysis Results
4.2.2. Multi-Factor Analysis Results
Ⅴ. Analysis of Empirical Results
4.1. Analysis of Announcement Effect Results
4.2. Analysis of Influential Factors Analysis Results
Ⅵ. Conclusion
Reference
后记
本文编号：2957012
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